Home Buying in Dublin>Question Details

Buyer, Home Buyer in San Ramon, CA

How are prices in Dublin? Is it a good time to buy or should I wait.?

Asked by Buyer, San Ramon, CA Wed Jul 21, 2010

Zillow indicates that prices are starting to climb - http://www.zillow.com/local-info/CA-Dublin-home-value/r_51751/

Am I better off buying now or waiting till 2011?

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I'm going to buck the answer trend here just a bit. There is always a summer rush and this summer was no exception. With the low inventory and more buyers in the market combined with the government incentives prices were bound to rise. Not to mention the fact that interest rates are crazy low.

On the flip side there are many indicators that prices could continue to fall. The bank held "Shadow" inventory is still on the rise and these homes will certainly hurt prices for sellers.

That said I believe solid advice would be to be actively looking now and if you find your dream home grab it up. I am making the assumption that this is a long-term hold purchase and not a flip. Get with a good mortgage person that will update you once a week and give you some long-term forecasting. A sudden jump in rates could hurt more than if prices dropped a bit after you made a purchase.

Waiting until 2011 could be risky by some "experts" predictions. Many economists have anticipated a rise in pricing in 2011. I think a purchase in late 2010 or early 2011 before the next summer rush could be a good call.

I have a great article on the 2011 forecast by economists. Contact me direct and I will email it to you.

Best Regards,

Eric Soderlund
Web Reference: http://www.esoderlund.com
2 votes Thank Flag Link Thu Jul 22, 2010
Overall average sales prices in Dublin have been steadily climbing to a current value of $680,000 since a low in February, 2010 of $575,000. That’s an appreciation of $105,000 in just four months. On the other hand, average list prices just dropped from a high of $761,000 in May to $713,000 at the end of June.

This does not mean that homes going on the market at $713,000 are selling for $680,000. It actually means that homes at the lower end of the spectrum are selling before the higher end homes are. The high end of the market is still quite soft, and there is not a lot of movement in homes over 3,500 square feet.

Average price per square foot has dropped marginally in the past few months compared to a high of $304 in February, 2010. Pendings and solds are down as well, and inventory has risen sharply. Average DOM (days on the market) is currently 23; this may rise now that we have fewer buyers (since the expiration of the tax credit) and increased inventory.

If we look at the bottom of the market (single family homes 1,500 sq. ft. or smaller), then the opposite is true: list prices are increasing and average sales prices are down to an average of $410,000. Price per square foot is also decreasing slightly. As I’ve explained in the past in other posts, when both price per square foot AND average selling price are moving down, then we are migrating towards a buyer’s market.

Since the majority of buyers affected by the tax credit were in this lower bracket, it’s no surprise that we should now see this segment of the market beginning to trend downwards. However, nice, well price properties are still getting snapped up almost the moment they hit the market.

Is this a good time to buy?

Depends. What type of home are you looking for? Where in Dublin? Stats vary from neighborhood to neighborhood and between types of property. Dublin Ranch is holding its own, while some of the older neighborhoods are softening a bit. We’re still not sure where this will sort itself out – July data will not be out until August 8th or so – we’ll have a better idea by then.

Bottom line, we’re not seeing as many multiple offers as we used to, and we are seeing more regular sales enter the market as opposed to short sales and REOs.

Is this a good time to buy? TOTALLY depends on your criteria and motivation for buying.

I can send you the comprehensive data in graphical form in you wish.
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1 vote Thank Flag Link Wed Jul 21, 2010
Buyer,

This is a great time to buy. Prices are low, interest rates are lower than the peak of the boom. The only thing that is going to change in the short run is inventory levels which, as others have said, are at all time lows. If you are buying for the long term (10 year timeframe) find a reputable realtor, choose a home and buy below your financially afforable range.
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Fri Jul 23, 2010
Great time to buy in my opinion. Consult with any of the realtors below. I have personally observed a slow appreciation over the last few months so I believe prices have pretty much bottomed out for now.

And it is probably a good time for you to make a move.
0 votes Thank Flag Link Thu Jul 22, 2010
Hello Buyer,

Dublin continues expansion mode with new construction. The schools on the East side are very good and the high school was just named to the list of top public high schools in the nation according to Newsweek (only 6% of the schools nation wide make the cut). See article here http://bit.ly/topHS

While I can't tell you where prices will end, there is stronger and stronger support for home price increases in the Dublin area. For a full archive of Dublin Area real estate market updates, visit the link below in web references.

Respectfully,
Vickie Nagy, CA DRE#01363932, Keller Williams Realty
0 votes Thank Flag Link Wed Jul 21, 2010
Single family home prices in Dublin are at market levels. Dublin enjoys an excellent location being at the intersection of major highways leading in all directions and with its increasing population and existing employment centers, the odds are home prices will continue their gradual increase. If you plan on staying in a home for 10 years or longer, you'll most likely end up with an asset worth more than you paid for it. You do have a hedge now as interest rates for mortgages are at all time lows and that's a money saver. The tax advantages of home ownership also have value. I wouldn't wait to buy next year. Go for it, the odds in your favor now.

Rolling Hills Realty
415 695-0254
0 votes Thank Flag Link Wed Jul 21, 2010
It's always a good time to buy when you are ready and need to buy--to buy now or wait--unfortunately a decision only you can make based on your finances, wants, needs and lifestyle, as none of knows with accuracy as to where the market will head tomorrow or in the days to come.
0 votes Thank Flag Link Wed Jul 21, 2010
Hi Mr Home Buyer. A few things.
1. Interest rates are terrific. They may not go up tomorrow, but they can't go much lower.
2. Inventory in Dublin is very low, so I don't see any reason to think prices will go down anytime soon. Still lots of buyers out there.
3. In the past, the schools in Dublin did not have a good reputation. Now the word is starting to spread that the school have become very good, and you can still get more house for your money compared to San Ramon or Pleasanton.

So why wait?

If you need any other help, you have to but ask me.
0 votes Thank Flag Link Wed Jul 21, 2010
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